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Nigeria’s equity market buck trend as ASI gains 0.28% on investors’ interest in Nestle, others

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By Ifeyinwa Ezeokoli

The Nigeria equity market buck the trend on Wednesday as its recovered from a five day consecutive loss with a gain of 0.28 percent after investors piled into the shares in Nestle Plc.

The All Share Index increased by 132.74 points  to close at 47,287.09 points compared with 47,154.35 it closed the previous day.

The market cap of equities listed on the NGX increased to N25.485 trillion from N25.414 trillion as on the previous close while total volume traded closed with an exchange of 336.305 million units valued at N5.86 billion traded in 5,248 deals.

The market breadth was positive with 30 gainers as against 12 losers.\The NGX 30 Index increased by 0.59 percent to close at 1,814.17 points as against 1,803.49 points on the previous close.

Market turnover closed with traded volume of 257.03 million units. Presco and United Capital were the key gainers, while Zenith and Guaranty were the only losers.

Accordingly, the month-to-date loss moderated to 0.2 percent, while the year-to-date return increased to 10.4 per share.

GTI Securities Limited said that: “The Nigerian domestic market rallied after five-day bearish sentiment, as the risk of the Russian-Ukrainian war still weigh on investors. However, we expect bulls to trade-off on the market given the spate of corporate actions.”

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Presco led the gainers’ chart in percentage terms with 10 per cent to close at N114.95 per share. 

Pharma Deko followed with 9.89 per cent to close at N2, while Linkage Assurance up by 9.80 per cent to close at 56k per share.

Royal Exchange rose by 9.63 per cent each to close at N1.48, while R.T. Briscoe Nigeria appreciated by 8.93 per cent to close at 61k per share. 

On the other hand, Ellah Lakes dominated the losers’ chart in percentage terms by 9.92 per cent to close at 3.45 per share. 

May & Baker followed with a decline of 9.91 per cent to close at N4.91, while Neimeth International Pharmaceuticals declined by 9.34 per cent to close at N1.65 per share. 

Niger Insurance shed 8.70 per cent to close at 21k, while Cutix Plc depreciated by 7.26 per cent to close at N2.30 per share.

Transactions in the shares of FBN Holdings topped the activity chart with 108.62 million shares valued at N1.25 billion. 

Guaranty Trust Holding Company followed with 54.13 million shares worth N1.43 billion, while United Capital traded 25.29 million shares valued at N308.51 million.

Zenith Bank traded 22.29 million shares worth N595.02 million, while Caverton Offshore Support Group transacted 14.95 million shares worth N19.04 million.

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